ConocoPhillips $COP Stock Position Trimmed by Connors Investor Services Inc.

Key Points

• Connors Investor Services Inc. reduced its stake in ConocoPhillips by 6.6%, holding 41,224 shares worth approximately $3.7 million by the end of the second quarter.
• ConocoPhillips reported earnings of $1.42 per share for the last quarter, exceeding estimates and reflecting a 4.3% revenue increase year-over-year, totaling $14.94 billion.
• The company declared a quarterly dividend of $0.78 per share, resulting in an annualized yield of 3.6% and a payout ratio of 41.88%.

Connors Investor Services Inc. cut its position in ConocoPhillips (NYSE:COP - Free Report) by 6.6% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 41,224 shares of the energy producer's stock after selling 2,905 shares during the quarter. Connors Investor Services Inc.'s holdings in ConocoPhillips were worth $3,699,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of the company. Tritonpoint Wealth LLC raised its position in shares of ConocoPhillips by 1.3% during the 2nd quarter. Tritonpoint Wealth LLC now owns 8,329 shares of the energy producer's stock worth $747,000 after buying an additional 110 shares in the last quarter. Iowa State Bank raised its position in shares of ConocoPhillips by 0.5% during the 2nd quarter. Iowa State Bank now owns 22,193 shares of the energy producer's stock worth $1,992,000 after buying an additional 110 shares in the last quarter. First National Bank Sioux Falls raised its position in shares of ConocoPhillips by 4.6% during the 2nd quarter. First National Bank Sioux Falls now owns 2,572 shares of the energy producer's stock worth $231,000 after buying an additional 113 shares in the last quarter. KLCM Advisors Inc. grew its stake in shares of ConocoPhillips by 2.6% in the 1st quarter. KLCM Advisors Inc. now owns 4,503 shares of the energy producer's stock worth $473,000 after purchasing an additional 115 shares during the last quarter. Finally, Fairvoy Private Wealth LLC grew its stake in shares of ConocoPhillips by 3.5% in the 2nd quarter. Fairvoy Private Wealth LLC now owns 3,500 shares of the energy producer's stock worth $314,000 after purchasing an additional 117 shares during the last quarter. 82.36% of the stock is currently owned by institutional investors.

ConocoPhillips Stock Performance

COP stock opened at $87.45 on Thursday. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.10 and a current ratio of 1.27. The stock has a market cap of $109.22 billion, a P/E ratio of 11.74, a P/E/G ratio of 2.28 and a beta of 0.62. The firm has a 50 day simple moving average of $93.58 and a 200 day simple moving average of $91.85. ConocoPhillips has a 52 week low of $79.88 and a 52 week high of $115.38.

ConocoPhillips (NYSE:COP - Get Free Report) last posted its quarterly earnings results on Thursday, August 7th. The energy producer reported $1.42 EPS for the quarter, topping the consensus estimate of $1.36 by $0.06. The business had revenue of $14.94 billion during the quarter, compared to analysts' expectations of $14.39 billion. ConocoPhillips had a net margin of 15.26% and a return on equity of 14.60%. The firm's quarterly revenue was up 4.3% compared to the same quarter last year. During the same period last year, the company posted $1.98 earnings per share. Research analysts anticipate that ConocoPhillips will post 8.16 earnings per share for the current fiscal year.

ConocoPhillips Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 2nd. Shareholders of record on Monday, August 18th were paid a $0.78 dividend. The ex-dividend date was Monday, August 18th. This represents a $3.12 dividend on an annualized basis and a yield of 3.6%. ConocoPhillips's payout ratio is 41.88%.

Analyst Ratings Changes

Several equities analysts have recently issued reports on COP shares. Evercore ISI lowered their price objective on shares of ConocoPhillips from $115.00 to $111.00 and set an "outperform" rating on the stock in a research note on Monday, October 6th. JPMorgan Chase & Co. lifted their price objective on shares of ConocoPhillips from $114.00 to $115.00 and gave the stock an "overweight" rating in a research note on Thursday, October 9th. Barclays lowered their price objective on shares of ConocoPhillips from $122.00 to $118.00 and set an "overweight" rating on the stock in a research note on Tuesday, October 7th. Raymond James Financial dropped their target price on shares of ConocoPhillips from $117.00 to $115.00 and set an "outperform" rating on the stock in a research report on Monday, September 8th. Finally, The Goldman Sachs Group dropped their target price on shares of ConocoPhillips from $111.00 to $108.00 and set a "buy" rating on the stock in a research report on Friday, October 17th. Eighteen analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $115.63.

ConocoPhillips Profile

ConocoPhillips explores for, produces, transports, and markets crude oil, bitumen, natural gas, liquefied natural gas (LNG), and natural gas liquids in the United States, Canada, China, Libya, Malaysia, Norway, the United Kingdom, and internationally. The company's portfolio includes unconventional plays in North America; conventional assets in North America, Europe, Asia, and Australia; global LNG developments; oil sands assets in Canada; and an inventory of global exploration prospects.

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